Vinyls company Kem One applies to default on its debts

9:37 AM MDT | March 26, 2013 | Ian Young

Troubled vinyls company Kem One (Lyon, France) was scheduled to present to a Lyon court this morning an "application to default on its debts," French media reports say, quoting trade union representatives. The application—a French legal procedure similar to an insolvency filing—follows a meeting yesterday of Kem One's central works council, at which the Kem One management presented the plan to representatives of the company's workforce. The application, if approved, would pave the way for Kem One to enter receivership, triggering a major...